GHCup Fails to Run on macOS (Tries to Allocate ~250 GB)

GHCup is failing to load on my mac (specifications below) with the following error:

ghcup: memory allocation failed (requested 274878955520 bytes)

The tool is installed via the official download script.

macOS Version: 12.4
arch: Apple Silicon (M1)
memory: 16 GiB

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